Fugro Nv · EURONEXT:FUR
Fugro Nv — Investor Presentation (May 2026)
63 slides from Fugro Nv's investor presentation, May 2026
Slide 1: Fugro Investor slide pack May 2026
Fugro Investor slide pack May 2026
Slide 2: Included in this deck
Included in this deck 1. Highlights 2. Capital allocation 3. Market trends 4. Competitive differentiators 5. Financial performance 2025 6. trading update Q1 2026 & Outlook FY 2026 7. Strategy and mid-term guidance 8. Appendix – competitive differentiators, strategy implementation 2 Fugro investor sl
Slide 3: Today's topics: Highlights
Today’s topics 1. Introduction to Fugro 2.1. Toward Highlights Full Potential strategy 3. Highlights H1 2024 results 3
Slide 4: The world's leading Geo-data expert
The world’s leading Geo-data expert We use the power of Geo-data to unlock the secrets of Earth What we do We map, model, and monitor the Earth to provide critical insights into both the built and natural environments, supporting clients in reducing geo-risks throughout the entire life cycle. Why it
Slide 5: Highly diversified and long-standing client base
Highly diversified and long-standing client base Revenue by market segment1 Revenue by client type International energy companies - majors Oil & gas International energy companies - independents 39% 37% 38% 37% 13% 13% 52% 45% 45% 54% Renewables National energy companies 10% 9% Infrastructure Govern
Slide 6: Reducing geo-risk for clients throughout asset life cycle
Reducing geo-risk for clients throughout asset life cycle From early cyclical site characterisation projects, to ongoing inspection & monitoring solutions Feasibility / Concept Detailed design Final design Construction Operations PROJECT RISK Client capex Client opex (20+ years) VALUE FOR CLIENT + O
Slide 7: Marine solutions and market position
Marine solutions and market position Unparalleled portfolio of global solutions with #1 or #2 market positions Gradually shifting towards asset lighter solutions where high barriers to entry remain, particularly in geotechnical site investigations Marine site characterisation 51% of group revenue #1
Slide 8: Land solutions and market positions
Land solutions and market positions Leading positions in number of core geographies Relatively asset light Strong focus on scaleable site characterisation solutions, consultancy, large projects Land #2 #1 #1 #1 Globally Globally Globally USA + AU 22% of group revenue Onshore site Nearshore site Site
Slide 9: Fugro's 3 strategic priorities
Fugro’s 3 strategic priorities 1 Grow and transform current business ✓ 1.6 million offshore staff hours operated from remote operation centres to date ▪ Accelerate remote operations across the fleet ✓ Expansion of geotechnical fleet completed; full focus on roll-out of next gen ▪ Differentiate in ma
Slide 10: Financial highlights 2022 – 2025
Financial highlights 2022 – 2025 2025 impacted by market driven headwinds; growth trajectory recent years provides solid base going forward Revenue 2,188 2,276 1,848 1,766 2022 2023 2024 2025 13.8% 11.5% 6.1% 4.9% EBIT (margin) 252 314 107 91 2022 2023 2024 2025 ▪ 2022 – 2024 strong growth and resul
Slide 11: 2. Capital allocation
2. Capital allocation 11
Slide 12: Capital allocation
Capital allocation ▪ Capex in line with strategic priorities Invest for sustainable growth ▪ Selective inorganic growth Company level ▪ Net debt / EBITDA below 1.5x Maintain a strong balance sheet ▪ Maintain ample liquidity to support business ▪ Dividend pay-out policy of 25-45% of net profit Attrac
Slide 13: Invest for sustainable growth at attractive returns
Invest for sustainable growth at attractive returns In line with strategy and subject to differentiated hurdle rates ORGANIC M&A More • Selective Expansion Transformation Accretive to ROCE • Strategic fit Annual capex budget • Targeted partnerships Maintenance Carbon reduction • Technology focused L
Slide 14: 3. Market trends
3. Market trends 14
Slide 15: Global trends drive demand for Geo-data
Global trends drive demand for Geo-data Global developments are driving key challenges… …which Fugro can address in its markets… …contributing to 5 UN SDGs Population growth Energy transition Energy and security Global warming Urbanisation Growing inequality Infrastructure Infrastructure investments
Slide 16: Offshore wind Europe – Improving market conditions & sentiment
Offshore wind Europe – Improving market conditions & sentiment ▪ At the North Sea Summit, 9 countries agreed to collaborate, targeting 15 GW/year during 2031–2040 ▪ UK AR7 auction (8.4 GW) signals renewed confidence ▪ Germany postpones 2026 auctions to 2027 while tender process is redesigned to rest
Slide 17: Offshore wind and O&G are essential for future energy supply
Offshore wind and O&G are essential for future energy supply Oil and gas ▪ Iran conflict has led to energy shock and oil market volatility, reinforcing concerns around energy security and energy independence ▪ Immediate shock resulted in short-term oil price premium, increasing inflation and recessi
Slide 18: Solid mid-to long-term market fundamentals
Solid mid-to long-term market fundamentals Recalibration offshore wind market Ongoing requirement for O&G investment 230 240 242 232 234 60 CAGR CAGR 74 75 76 79 82 Expenditure 39 45 8 Expenditure (‘26-’30) 37 38 (‘26-’30) 5 7 6 6 Capex 11% 53 Capex -1% 35 31 32 38 156 165 165 153 152 Opex 13% Opex
Slide 19: 4. Competitive differentiators
4. Competitive differentiators 19
Slide 20: 5 Competitive differentiators driving leadership and resilience
5 Competitive differentiators driving leadership and resilience > 2,600 Diversified and long- Highly skilled people with unique Geo-data expertise Differentiating through innovation standing client base Geo-data specialists 2,400 46 Priority patents filed in 2025 Geo-data specialists Revenue share R
Slide 21: New technologies are shaping the future
New technologies are shaping the future Blue Dragon® GroundIQ® Early site screening New industry standard for Revolutionary, scalable geotechnical seabed site screening solution Geotechnical characterisation providing clients with validation earlier insights and faster delivery to better manage grou
Slide 22: Diversified project portfolio: energy projects
Diversified project portfolio Selection of recent energy projects NordSee 1 ENI Indonesia geotechnical survey Site characterisation contract for for ENI’s Geng North TotalEnergies’ NSE 1 and Gehem deepwater offshore wind farm gas fields development Germany Indonesia Early site screening Dogger Bank
Slide 23: Diversified project portfolio: infrastructure and water projects
Diversified project portfolio Selection of recent infrastructure and water projects LanWin offshore Holtec small modular grid connection reactor units projects Geotechnical licensing GroundIQ® solution to programme, applying support site GroundIQ® investigations for to deliver subsurface TenneT char
Slide 24: 5. Financial performance
5. Financial performance 24
Slide 25: 2025: navigating a challenging year; better positioned for 2026
2025: navigating a challenging year; better positioned for 2026 Revenue ▪ Performance impacted by adverse offshore wind markets throughout 2025, and temporary slowdown EUR 1,848 mln in oil and gas project start-ups during H2 YoY -16.1% EBITDA ▪ After right-sizing the organisation during 2025, we ent
Slide 26: Financial highlights 2025
Financial highlights 2025 Revenue EBITDA (margin) Operating cash flow 21.3% -16.1% 14.5% 484 2,275 406 1,848 268 175 2024 2025 2024 2025 2024 2025 Backlog (12 months) EBIT (margin) Free cash flow 13.8% -5.7% 161 315 1,577 4.9% 1,396 91 -137 2024 2025 2024 2025 2024 2025 1. Currency comparable All am
Slide 27: 2025 Performance Marine
2025 Performance Marine Revenue EBIT (margin) X EUR million 15.9% -138 -15.5% -78 -85 30 -46 7.0% 1,754 278 1,437 101 2024 Europe- Americas Asia Pacific Middle East FX 2025 2024 Europe-Africa Americas Asia Pacific Middle East 2025 Africa & India & India Europe-Africa Americas Asia Pacific Middle Eas
Slide 28: 2025 Performance Land
2025 Performance Land Revenue EBIT (margin) X EUR million 7.0% -18.0% -54 -9 -24 -8 -16 5.3% 36 522 (2.4%) 411 -10 2024 Europe- Americas Asia Pacific Middle East FX 2025 2024 Europe-Africa Americas Asia Pacific Middle East 2025 Africa & India & India Europe-Africa Americas Asia Pacific Middle East &
Slide 29: Recalibration of markets visible in backlog
Recalibration of markets visible in backlog Reduction in renewables exposure, partly offset by growth oil & gas and infrastructure 12-month backlog – total and by market segment -5.7% Backlog mix shows value of diversification strategy 1,686 1,544 1,577 Currency comparable growth 1,521 88 62 63 89 1
Slide 30: EUR 120 million cost reduction programme
EUR 120 million cost reduction programme ▪ Workforce reduction of 1,050 FTEs ▪ Reducing short-term charters, third party personnel and equipment ▪ Hiring freeze for non-project staff Delivering EUR 120 million cost savings on annualised basis 30 Fugro investor slide pack May 2026
Slide 31: Free cash flow bridge Q4 2025
Free cash flow bridge Q4 2025 Balancing capex with cash from operations X EUR million Q4 free cash flow: EUR 24m -137 -161 34 -44 -2 14 22 Free cash flow Operating Changes Capex Other Discontinued Full year free Q1-Q3 cash flow* working investing cash flow capital cash flow * Before changes in worki
Slide 32: Working capital
Working capital Quality of receivables has not declined X EUR million, and as % of 12-month revenue 15.6% 15.9% 15.1% 14.1% 14.4% 13.7% 13.2% 12.8% 12.6% 8.9% 8.2% 7.6% 324 358 323 275 284 264 303 247 253 194 172 181 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 DRO 83 82 8
Slide 33: Capex – phasing the transformation
Capex – phasing the transformation ▪ 2025: EUR 248 million, in line with guidance ▪ 2026: reduction to EUR 150-165 million X EUR million Transformation & expansion 265 260 248 ▪ 2023 - H1 2025: incl investments geotechnical fleet 1 76 ▪ Discretionary nature of 2026+ transformation & expansion capex
Slide 34: Adjusting decarbonisation roadmap
Adjusting decarbonisation roadmap In today’s complex global environment Adjusting our net zero timeline ▪ Due to changed market conditions and slower technological developments, we have revised our net zero timeline ▪ We are now fully focused on our Science Based Targets initiative (SBTi) climate co
Slide 35: Net result
Net result 2025 2024 x EUR million 1 Specific items Adjusted EBIT 91 315 ▪ EUR 21m restructuring costs in relation to cost savings programme Specific items (114) 1 (7) ▪ EUR 87m impairments incl EUR 51m goodwill impairment related to Middle East & India region, and EUR 25m on HQ following sale & EBI
Slide 36: 6. Trading update Q1 2026 & Outlook FY 2026
6. trading update Q1 2026 & Outlook FY 2026 36
Slide 37: Q1 2026: Navigating volatile markets with focus on cost discipline
Q1 2026: Navigating volatile markets with focus on cost discipline Growth in other markets largely offset soft wind market ▪ Revenue decline of 2.1% in seasonally low quarter, with anticipated lower offshore wind activity ▪ Continued geopolitical & macroeconomic uncertainty leading to slower award d
Slide 38: Impact war in the Middle East
Impact war in the Middle East Short-term impact manageable but situation continues to be volatile Q1 2026 ▪ So far, direct impact largely confined to our operations in UAE and Qatar, with some execution delays and increased complexity1 ▪ Alongside some knock-on effects in other countries and regions
Slide 39: Revenue and margin development
Revenue and margin development Revenue X EUR million Marine -2% Land -1% -7 13 -8 6 -7 1 -12 5 -23 450 418 Q1 2025 Europe-Africa Americas Asia Pacific Middle East Europe-Africa Americas Asia Pacific Middle East FX effect Q1 2026 & India & India EBIT Marine operational performance ▪ Europe-Africa: le
Slide 40: Cash flow and balance sheet development
Cash flow and balance sheet development Free cash flow Working capital X EUR million X EUR million, and as % of 12-month revenue 13 Q1 26 17.1% 15.9% 15.1% 14.4% 13.7% 12.8% 12.6% -55 7.6% 8.2% -31 0 358 323 284 303 311 15 1 -58 -58 264 253 172 181 operating CF changes capex other investing CF opera
Slide 41: 12-month backlog declines by 3.5%
12-month backlog declines by 3.5% Reduction in renewables exposure 12-month backlog – total and by market segment Currency comparable growth 1,686 -3.5% 1,544 1,521 88 1,577 1,482 Backlog mix shows value of 62 63 89 1,396 1,385 335 75 -12% 55 diversification strategy 307 299 336 78 64 343 +10% 361 3
Slide 42: Outlook 2026
Outlook 2026 ▪ We maintain our FY outlook, while assessing knock-on effects on the business environment and implications for Fugro of the Middle East conflict ▪ Full-year 2026 outlook: ▪ margin improvement driven by implemented cost measures and operational efficiencies ▪ to support free cash flow,
Slide 43: 7. Strategy
7. Strategy 43
Slide 44: 2024-2027: Towards Full Potential
2024-2027: Towards Full Potential Grow and transform current business ▪ Accelerate remote operations across our fleet ▪ Differentiate in market with uncrewed surface vessels ▪ Transform land site characterisation with GroundIQ® ▪ Optimise with digitalisation roadmaps Expand into developing segments
Slide 45: Strongly diversified and future proof business profile
Strongly diversified and future proof business profile 2024-2027 Recurring revenue Infrastructure 3 Build recurring revenue with Towards Full Developing segments Renewables Geo-data as a service Water Oil and Gas Potential Strategy 3 Expand into developing 2 2 segments Grow and transform current 1 1
Slide 46: Mid-term targets 2027
Mid-term targets 2027 Target 11-15% Key drivers to reach mid-term targets EBIT 11.5% 13.8% margin 1.4% 4.1% 5.3% 4.9% Improved contract terms and conditions to offset inflationary 2020 2021 2022 2023 2024 2025 2027 pressures Cost control through implementation of digital workflows, Target 6-9% ongoi
Slide 47: Efficient asset management model with clear strategy towards low carbon solutions
Efficient asset management model with clear strategy towards low carbon solutions We deploy equipment in land and marine environments, required to acquire Geo-data ~40% revenue Indicative ~60% revenue from asset Revenue from more asset Split light businesses intensive businesses Gradual shift toward
Slide 48: Gradual shift towards asset lighter and low carbon solutions
Gradual shift towards asset lighter and low carbon solutions As presented at the capital markets day in November 2023 Current Changes in Asset intensity portfolio portfolio ‘24-’27 Drone inspection Asset light – further Land introduction of remote and non-invasive technology to Site screening Low op
Slide 49: On track with asset lighter strategy
On track with asset lighter strategy Vessel overview Changes in vessel base 2027 guidance at time of Capital Q4 ’23 to Q4 ’25 provided at CMD Markets Day (Nov ’23) Geotechnical Service line with largest 15 vessels* Marine equipment – asset intensity (o/w 7 long-term will remain the same in the chart
Slide 50: For inquiries contact Director Investor Relations
For inquiries contact Director Investor Relations Catrien van Buttingha Wichers c.vanbuttingha@fugro.com 50
Slide 51: Disclaimer
Disclaimer This presentation contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This announcement may contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including (b
Slide 52: Appendix: Competitive differentiators
Today’s topics 1. Introduction to Fugro 2.8. Toward Appendix Full Potential strategy 3.Competitive Highlights H1 2024 results differentiators 52
Slide 53: World's leading Geo-data specialist
World’s leading Geo-data specialist Unparalleled portfolio of global solutions with #1 or #2 market positions Marine site characterisation Marine asset integrity Land Integrated offering Single service Local Global Local Global Local Global Competitors Competitors Competitors Benthic (Acteon) N-Sea
Slide 54: Market-agnostic resources
Market-agnostic resources Recent examples of assets used in subsequent projects across different markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Renewables Infrastructure Renewables Water Water Surveys for offshore wind Geophysical surveys for telecom Geophysical surveys for offshore Hydrographic survey for
Slide 55: Market-agnostic resources
Market-agnostic resources Overview of key assets as per December 2025 29 10 5 autonomous specialised uncrewed underwater service vessels surface vessels vehicles 65 112 228 remotely cone operated penetration geotechnical vehicles testing systems drilling rigs Global network of remote operations 33 3
Slide 56: Appendix: Strategy implementation
Today’s topics 1. Introduction to Fugro 2.Appendix Toward Full Potential strategy 3.strategy Highlights implementation H1 2024 results 56
Slide 57: Move to asset-lighter remote operations with USVs
Move to asset-lighter remote operations with USVs Towards Full Potential (2024-2027) - Grow and transform current business Uncrewed Blue Essence® Blue Prism® surface vessels (USVs) Blue Eclipse® Light-geophysical and Inspection & monitoring USV hydrography capabilities 10 USVs operational with ROV c
Slide 58: Transform site investigation with scalable GroundIQ solution
Transform site investigation with scalable GroundIQ®solution Towards Full Potential (2024-2027) - Grow and transform current business GroundIQ® Turning site investigation into a high-margin, scalable service Scalable solution With direct client benefits Higher Project EBIT ~50% schedule reduction 22
Slide 59: Executing large scale mapping projects along coastal zones
Executing large scale mapping projects along coastal zones Towards Full Potential (2024-2027) – Expand in developing segments Coastal resilience and ocean health Proven services to new markets Multi-year projects for governmental clients ISPRA Seagrass mapping around coast of Italy, with 11 seawatch
Slide 60: Safeguarding critical underwater infrastructure
Safeguarding critical underwater infrastructure Towards Full Potential (2024-2027) – Expand in developing segments Maritime Security and Surveillance Supporting public sector with Geo-intelligence Ecosystem combines satellite, USV, and subsea sensor data into a fused surveillance ecosystem Real-time
Slide 61: The interoperable Geo-data management platform
The interoperable Geo-data management platform Towards Full Potential (2024-2027) – Build recurring revenue with Geo-data as a service GeoDin® Geo-data as a services for geotechnical data Recommended ground solution by Autodesk Central platform for all subsurface data, from seamless capture from sit
Slide 62: Unified Geo-data delivery and collaboration platform
Unified Geo-data delivery and collaboration platform Towards Full Potential (2024-2027) – Build recurring revenue with Geo-data as a service VirGeo® Geo-data as a services for geotechnical data Single source of Geo-data truth for teams, accessible anytime, anywhere Connect Link existing data to one
Slide 63: Scalable infrastructure monitoring system
Scalable infrastructure monitoring system Towards Full Potential (2024-2027) – Build recurring revenue with Geo-data as a service Totalite® <1mm Accuracy at 40m 50 Targets monitored 5min Measuring intervals <1hour Installation time Combining innovative hardware with Geo-data monitoring platform 30+